The red-hot drilling boom set off two years ago by the discovery of a massive natural-gas field more than a mile below Pennsylvania soil has clicked back to a low simmer. Even when Gov. Rendell was touting the gas "gold rush" and eyeing it as the source of possible tax revenue earlier this year, the recession and plummeting natural-gas prices had already slowed the drilling frenzy in the rich vein that courses from New York to West Virginia.
The industry slowdown could not come at a worse time for the state. Noting the gas field's "tremendous potential value," Rendell proposed a first-ever tax on extracted gas as a way to help plug the widening budget hole, saying it could generate $100 million in the next fiscal year starting July 1.
What makes this site so great? Well, I think it's the fact that, quite frankly, we all have a lot at stake in this thing they call shale. But beyond that, this site is made up of individuals who have worked hard for that little yard we call home. Or, that farm on which blood, sweat and tears have fallen.[ Read More ]